The image is $115bn. That's what the Giving Pledge made by 38 American billionaires on Wednesday could be worth if they accomplish their promise to give at least half their luck away. This is grave money and marks one more milestone in the resurgence of philanthropy – what we call philanthrocapitalism – over the past decade.
The designers of the Giving Pledge, Microsoft creator Bill Gates and uber-investor Warren Buffett, kickstarted the philanthrocapitalism rebellion in 2006 when they made a public commitment to give their fortunes away. Now, from side to side the Giving Pledge, one in 10 of America's 400 billionaires has dedicated to join them and make philanthropy a vocation.
Detractors have pointed out that a lot of of the names on the list are already veteran philanthropists – like New York mayor and media tycoon Michael Bloomberg or real estate tycoon Eli Broad – and may have already planned to give it all away. Up till now it is still a big step that they have done so publicly. Present were also surprises on the list, particularly Gates's great rival in business Larry Ellison, the CEO of Oracle, who has blown hot and cold about philanthropy in his public statements in the past.
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The designers of the Giving Pledge, Microsoft creator Bill Gates and uber-investor Warren Buffett, kickstarted the philanthrocapitalism rebellion in 2006 when they made a public commitment to give their fortunes away. Now, from side to side the Giving Pledge, one in 10 of America's 400 billionaires has dedicated to join them and make philanthropy a vocation.
Detractors have pointed out that a lot of of the names on the list are already veteran philanthropists – like New York mayor and media tycoon Michael Bloomberg or real estate tycoon Eli Broad – and may have already planned to give it all away. Up till now it is still a big step that they have done so publicly. Present were also surprises on the list, particularly Gates's great rival in business Larry Ellison, the CEO of Oracle, who has blown hot and cold about philanthropy in his public statements in the past.
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